Bitcoin Price Prediction as BTC Sees $16 Billion Trading Volume Come In
Bitcoin (BTC) was trading near a recent price floor as the weekend began on a bearish note. Bitcoin is trading slightly lower on Saturday, below the 23.6% Fibonacci retracement level, with resistance at $17,250.
An already negative trend has been reinforced by the continuous drop in BTC's price in the wake of the FTX controversy. This affects not only miners but also some of Bitcoin's most well-known metrics, and it has repercussions for many other essential parts of the Bitcoin network.
One of these is stock-to-flow (S2F), whose price predictions are under greater scrutiny and criticism. The model, which used block subsidy halving occurrences as a central ingredient in plotting exponential price growth through the years, was very popular until Bitcoin's last all-time high in November 2021.
While S2F is not "up only," it does allow for large price swings; yet, even with those factors taken into consideration, current targets remain significantly higher than the current market price.
On November 19th, Bitcoin should trade for a little over $72,000, or a multiple of -1.47, according to the dedicated tracking resource S2F Multiple. On November 10th, as the market felt the effects of FTX, the multiple touched -1.5, a negative reading is never seen before in S2F's history.
Despite the fact that it has been two weeks, FTX-driven fear, uncertainty, and doubt (FUD) is keeping Bitcoin prices under pressure. FTX was under the watchful eye of the Securities Commission of Bahamas (SCB) earlier this week.
To look into FTX's violations, the regulator teamed up with the Financial Crimes Investigation Branch. The commission's swift denial of the SCB's request came after FTX announced it would begin allowing Bahamian funds withdrawals. Recent
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